USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.11% against the CHF and closed at 0.8395. The Swiss franc rose, as doubt over a plan to save Greece from a debt default and concern over inflation in China boosted demand for safe-haven assets.
In separate news, the Swiss government rejected on Wednesday measures such as capital controls or tax breaks for exporters to counter the impact of the strong Swiss Franc on the economy. The cabinet stressed that the Swiss National Bank was responsible for currency policy and stated that it had full confidence in the central bank to take the right measures in the current situation.
In Switzerland, the foreign currency reserve stood at CHF196.03 billion in June, compared to a total foreign currency reserve of CHF196.08 billion recorded in May.
In the Asian session, at 3:00GMT, the pair is trading at 0.8394, flat from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.8437, followed by the next resistance at 0.8479. The first area of support is at 0.8358 level, with the subsequent support at 0.8321.
Trading trends in the pair today are expected to be determined by release of consumer price index in Switzerland.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
